Equity Trading - Irish Equity Liquidity

The leading venue for Irish equity trading

We offer our domestic and international trading members the most efficient marketplace for trading in Irish equities. We run cost-effective and easily accessible trading and post-trade systems in partnership with Deutsche Börse (ISE T7), Euroclear UK & Ireland (CREST) and Eurex Clearing AG (CCP). Our competitive pricing model incentivises our members to increase their trading activity. As a result, we remain the main pool of liquidity for Irish equities.

We are pleased to confirm that the ISE migrated to the next generation T7 trading platform on 17 July 2017. ISE T7 further enhances the performance, latency and capacity of the ISE's equity market offering and provides synergies for international firms with existing T7 connectivity to cross-connect and trade equities on the ISE.

Become a trading member

For all applicants we offer a prompt membership and connectivity process. Connecting to our trading platform, ISE T7, is straightforward and is further simplified if the applicant is already a T7 participant on Deutsche Börse or Eurex. Call us if you are interested in becoming a member firm.

*Firms who wish to avail of our reduced order execution fees for algorithmic trading flow must sign and submit the Automated Trading Programme (ATP) Agreement and the Application for the Approval of an ATP User-ID form to the ISE.

Trading System

On 17 July 2017 the ISE migrated its electronic order book to the next generation T7 trading platform, continuing the successful strategic technology partnership with Deutsche Börse AG. ISE T7 provides members with a low latency and efficient order book for the trading of equities and ETFs.

On 4 December, 2017, there will be a further release of T7, Release 6.0, to implement the technical and functional changes to the trading system required by MiFID II/MiFIR.

Other Release 16.0 documentation is available by clicking on the 'Xetra & T7 Sign In' page

Release 17

For those member firms that continue to access ISE Xetra for off order book trade reporting until the migration to ISE OBOE on 4 December 2017, there is a mandatory Xetra release, Release 17.0, in November. Xetra Release 17.0 will not contain any functional changes for ISE members but will need to be installed as it is a mandatory release for all Xetra markets.

The dates of when the relevant release documentation will be published by the ISE is contained in the Communication Calendar.

Network Access

ISE OBOE

The ISE is launching a new MiFID II-compliant trade reporting system for the reporting of off order book on exchange deals in ISE instruments. The new system, ‘ISE OBOE’, will provide ISE member firms with the full suite of required MiFID II functionality for on exchange trade reporting. Existing ISE customisations, such as the specific ISE trade flags, will also be delivered together with some service enhancements.

Post-trade systems

We have established partnerships with international post-trade systems for the clearing and settlement of ISE trades. Clearing is carried out by Eurex Clearing AG and settlement is provided by Euroclear UK & Ireland via the CREST system. For more information on clearing and settlement, please visit our Clearing and Settlement page or contact us directly.

ISEQ 20 ETF

With a low and competitive Total Expense Ratio (TER), the WisdomTree ISEQ 20 UCITS ETF enables simple, cost-effective and diversified exposure to 20 of the leading companies on the ISE.

Rules

MiFID liquid shares

The list of shares that are admitted to trading on the ISE's Main Securities Market and, which effective 1 April, 2017, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:

Where can I obtain a copy of the securities admitted to trading on the ISE and their identifiers?

Where can I find information on the volatility safeguards on ISE T7?

Volatility interruptions can occur on ISE T7 if the potential execution price deviates considerably from the last order book price or from the last auction price. The volatility allowed is decided on a per instrument basis taking a number of factors into account. However these figures are not disclosed to the market. Further details on the functionality of volatility parameters can be found in the Market Model and Market Parameters below:

What are the tick sizes for securities on ISE T7?

For order book trading, the tick size for orders is 0.001 for all securities with the exception of debt securities (0.001%) and orders in the constituent securities of the ISEQ 20 which follow the FESE Table 4, which can be found in the Market Model.

For off order book trading, the tick size is 0.0001 for all equity securities and 0.001% for all debt securities.